Now and then the ATO issues warnings on how its general anti-avoidance legislation can apply to professional firms that allocate profits to individual professional practitioners with proprietorship in the firm. Firms potentially affected include those providing services in the accounting, architectural, engineering, financial services, legal and medical professions. Professional firms can be structured in

Buying insurance within an SMSF can give access to deductible expenses that would otherwise not be available, as some insurance premiums, such as for life insurance (which typically cannot be claimed as deductions by individuals for income tax purposes) may be available as tax deductions for the SMSF. The same concession applies for any

From 30 June this year, the general exemption from capital gains tax (CGT) for a principal place of residence will be lost to foreign tax residents. It is a change to the status quo that has been in place since CGT was introduced in 1985, with an intent, as stated in Treasury Laws Amendment

Practitioners’ views of the ATO’s existing tax agent and BAS agent portals will be many and varied, but it is not too long a stretch to say that the outcomes for tax professionals from both of these portals has been found wanting on more than one occasion. The ATO itself admits that the incumbent

Over the calendar year 2018 there have been many notable tax and self-managed super developments. Apart from bringing news and updates to Tax & Super Australia members and many others, the newsroom page of our website can also serve as a litmus test for what matters most to the tax practitioner community (driven by